Goa Shipyard Limited (GSL) and South Korean defence yard, Kangnam Corporation, have made significant progress in the negotiation for transfer of technology (ToT) under Prime Minister Narendra Modi’s ‘Make in India’ campaign.

Officials close to the development said the two parties have ironed out their differences over the quantum of technology expertise that would be transferred to GSL to build the 12 mine counter measure vessels (MCMV) that the Indian Navy desperately requires.

“We have moved significantly on the project and are very close to signing the agreement. The transfer of technology talks are nearly settled and now the discussions have moved to pricing. I am hopeful that work on the minesweepers will start in a year,” GSL chairman and managing director Shekhar Mital told TOI.

Chief of Naval Staff, Admiral Sunil Lanba, was also briefed about the ongoing negotiations and the progress made by the Vasco-based shipyard to set up the infrastructure required to build the 12 minesweepers.

Lanba visited the shipyard along with senior Navy officers on Thursday to oversee the construction of warships and the production of critical spares. Naval vessel INS Tarangini, is also undergoing a refit at the defence public sector yard.

Sources said Lanba took a keen interest in the ongoing preparations for the Rs 32,000 crore MCMV, especially the quantum of indigenization that will go into the making of the critical warships. The warships will utilize sophisticated technology, including the FRP composite hull material, acoustic and magnetic-reduced signatures and mine-hunting sonars, and will replace the current six ageing Russian minesweepers.

Lanba’s visit also comes in the backdrop of GSL being nominated to construct the frontline missile 1135.6 frigate project in collaboration with a Russian shipyard. High-level delegations from the Russian side visited GSL recently and appreciated the infrastructure and expertise available at the shipyard.